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Bimafy, an online insurance marketplace startup, offers fast and reliable insurance products to customers and promises to process claims within 72 hours, the fastest in the Bangladeshi market. This is a major disruption in Bangladesh's insurance industry as players such as Green Delta Insurance and Pragati Insurance are very manual. These established Bangladeshi insurance companies still rely on salespeople visiting prospects physically to sell the insurance products. Currently, Bimafy has developed an MVP and has some early customers.
Policy Bazaar, an established Indian insurance company, is considering entering Bangladesh. Coming to some type of understanding with Bimafy will make sense for Policy Bazaar.
If you were facilitating an arrangement between Bimafy and Policy Bazaar, what will you recommend to each company?
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